Susie Johannes, SFR

We seem to be having a lot of trouble lately with closings on REO's where the bank chooses the title company. Of course every now and then we get an absolutely great-to-work-with person, but most of the time it seems that the opposite happens. I had a situation where the bank assigned the title agent about a month ago. This was a simple all-cash transaction, no lenders or loan docs to lengthen the process. The first day we got the contact information, I sent an email introducing myself and the buyers, and let them know that the buyers had their cash ready and could close ASAP. I received a very nice note back, quickly, from this agent, letting us know that she was looking forward to working with us, and that she would do her best to close this transaction ASAP! My hopes were up!

Well.....THAT was the last I heard from her. The rest was like pulling teeth. She didn't assign an escrow number until the 9th day after she got the file. It was downhill from there. She refused to answer an email or a telephone call from either me or the buyer. We had 2 weeks until the closing date on the contract when she got the file, which normally would be plenty of time for the average cash deal done by my wonderful agent, Holly, that I use all of the time in our own city. The next contact that I had with her, was her asking me to please write up an extension to close. She needed the date extended a week. We did that, and she was finally able to close on the last day of that extension. There was a per diem overage of $100 per day, for going past the original closing date. When I sent the extension in for signatures, I wrote a letter to the bank and told them that my buyers were NOT going to pay late fees because of a title company not being able to complete their job properly. The bank, when they signed the extension, rescinded that.

I had to call on the foreclosure department at the bank twice to get this transaction to close. Funny thing was, the bank couldn't get her, either, so I didn't take it personally after that! I told that bank that THIS is the reason buyers should be able to choose their own title companies! My buyers would have had their home and the bank would have had their money, and everyone would have been happy! The banks here, at this point, will sometimes let you use your own agent, but your buyer has to pay both sides of the fees. Maybe that isn't so bad after all!

I was sitting here thinking about it already being late June....how quickly this year has gone past! First time buyers need to be reminded that there are only 5 more months until the $8,000 tax credit ends. Homes subject to the tax credit must close by November 31, 2009. All pointers show that our home values have hit bottom finally! Yay! Anyone who is on the fence now needs to jump off and grab a home quickly, while they can get the tax credit, and before rates go up more than they already have the last couple of weeks. There is talk that the Feds are expected to raise prime at their next meeting. With houses selling and banks becoming busy, that prediction could very well hold true. There truly is not ANY time better than THIS time to make a new home purchase.

Well, this is the weekend that most of our town looks forward to all year....the arrival of the boating families and tourists. We do have a huge and wonderful population during the winter of snowbirds from the Northeast and Northwest, but the boaters definitely bring the "Pizzazz" to our city! We are located on the western border of Arizona, along the Colorado River. We are jokingly called the "west coast of Arizona". The boats that are coming are enormous and beautiful, the stereos are blasting, the children are having a wonderful time on the lake, and the sun is shining! It actually is much hotter already than it normally is at this time of year, so the water will be warmer too, making the entire lake experience fabulous! I plan to be in town to answer the phone and be available to show property in case one of those families fall in love with Lake Havasu and wants to purchase their own little share of it. There has never been a better time to do that! Homes are about 1/2 the price they were almost a year ago and we all know how low interest rates are! Our market has been terrific, and should only continue to get better! Happy selling! Happy Buying! Happy Memorial Day!

Real estate in Lake Havasu City has been on the move! The number of active listings has been cut in half over a period of a year, and it is not uncommon to have multiple offers on homes now. The market is creating a great optimism about the economy in general, and we all needed that! The rates are low, as are home prices. It is truly a buyer's market and if you have been on the fence about purchasing, jump off now!!! There has never been a better time to buy. Be sure to ask me about the First Time Home Buyer's Tax Credit, too. You may be able to receive up to $8,000 back on your taxes.